A confident Tony Abbott has outlined a 10-year plan for Australia at his official campaign launch that includes restoring the full health insurance rebate, cutting the size of government and increasing defence spending.

But despite railing against Labor's spending, he has abandoned a commitment to get the budget back into the black before Labor's four-year timeline, nor did he detail his own policy costings.

Instead, he has asked voters to take him on trust, proffering a general commitment to lead a competent government delivering no surprises or miracles.

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Pledging ''we won't let you down, we won't let you down'' he called on voters to compare his record out of office with that of a Labor government that had dumped two prime ministers and spent more than the ''$50 billion in the bank'' when the Coalition left office.

''You could trust us in opposition and you will be able to trust us in government,'' he said.

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Outlining a 10-year aspiration to put federal finances back into surplus, he promised to shrink the size of government overall and preside over the creation of millions of jobs.

''Within a decade, the budget surplus will be 1 per cent of GDP, defence spending will be 2 per cent of GDP, the private health insurance rebate will be fully restored, and each year, government will be a smaller percentage of our economy,'' he told the launch in Brisbane.

"You can trust us in opposition and you will be able to trust us in government:" Opposition Leader Tony Abbott. Photo: Glenn Hunt

''If our vision is realised, within 10 years Australia will have lower, simpler, fairer taxes,'' he said, making a promise that would be measurable only three or four elections from now. ''There will be 2 million more jobs, in manufacturing as well as in agriculture, services, education and a still-buoyant resources sector.

''We'll have a more functional federation where the states are sovereign in their own sphere.''

The government has committed to return the budget to a small surplus by 2016-17 but Mr Abbott says he cannot commit to that until he has seen the books. That opens the possibility of even harsher spending cuts than might be revealed by the Coalition before the election, or a slower return to surplus.

Labor campaign spokesman Mark Dreyfus seized on what he said was a virtual admission the Coalition was planning big cuts. He said Mr Abbott's commitment to making government smaller as a proportion of the economy was an admission of this.

Labor says the restoration of a non-means tested private health insurance rebate will cost an extra $8 billion over four years and Mr Abbott's paid parental leave scheme will add $22 billion over that time. The government says the promises would increase costs over nine years by $53 billion.

Introduced by daughters Bridget and Frances, Mr Abbott said Australians were tired of grand visions and unfulfilled promises and wanted a reliable, adult government that would make the past six years of Labor ''chaos and dysfunction'' seem an aberration.

He offered no new big-spending pledges or sweeping plans but outlined modest new promises that would have a marginal impact on the budget: index eligibility thresholds for the seniors health card; give more self-funded retirees access to subsidised medicines at a cost of $100 million over four years; give $40 million a year over five years for dementia research; and give loans to apprentices.

Although the latest Fairfax-Nielsen poll showed Mr Abbott was odds on to be the next prime minister, Labor insiders believe there is still scope to turn things because voters are concerned about Mr Abbott's spending plans.

Meanwhile, a new poll shows support for Labor has rebounded to its highest level since the election campaign began.

The Newspoll survey published in The Australian on Monday showed Labor's primary vote rising three percentage points to 37 per cent, while the Coalition's primary support was unchanged on 47 per cent.

Based on 2010 preference flows, this translates to the Coalition leading Labor 53 per cent to 47 per cent on a two-party-preferred basis.

This places the Coalition in an election winning position. If this result was seen nationally on election day Labor would lose 10 seats and government.